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last i looked at the trade deficit, we were, again, lagging and uke sucking popped water. there's a rising deficit stripping our gdp. >> and right now europe is in a relatively deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. how long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou:
last i looked at the trade deficit, we were, again, lagging and uke sucking popped water. there's a rising deficit stripping our gdp. >> and right now europe is in a relatively deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. how long will that be the case if we go over the cliff? >>...
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well, we often hear about, of course, $16 trillion national debt, a trillion dollar deficit first, the actual liabilities of the federal government, including social security, medicare, federal employees future retirement benefits exceeding $866trillion. by the way, that is five and a half times the size of our economy. joining us, former congressman bill archer, served as chairman of the powerful ways and means committee. he is a senior policy adviser at price waterhouse coopers, and it is great to see you, mr. chairman, once again. you look terrific. i enjoyed your op-ed along with chris cox. pointing out that essentially what a relief it was to find out of all have to worry about $16 trillion. i have to worry about $86 trillion. >> it is much bigger than what we were looking at. the so-called fiscal cliff is going to be just a slope and ultimately a relatively small indentation because in the long term when we began to look at the liabilities that we have committed to primarily medicare, but also social security and other ffderal retirement, it is massive. and this strange thing abo
well, we often hear about, of course, $16 trillion national debt, a trillion dollar deficit first, the actual liabilities of the federal government, including social security, medicare, federal employees future retirement benefits exceeding $866trillion. by the way, that is five and a half times the size of our economy. joining us, former congressman bill archer, served as chairman of the powerful ways and means committee. he is a senior policy adviser at price waterhouse coopers, and it is...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frightened republicans that the debate is not just
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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tax increase on midle class families, strengthening our economy, and adopting a balanced apoach to deficit reduction. and so it goes. my first guest says it does not matter who you tax or what form revee takeshim, taking more money at the private sector will hurt economic growth. joining us now, republican senator from the great state of kentucky from the senat rand paul. good to have you with us, senar. >> good evening. the president says we don't have enough time for tax reform or in thailand reeorm. you know my responses? we haveeentalking about this for two years. why haven't we done anything? i met with the president a year-and-a-half ago and i looked across the table in. i said in a we need to do something about social security. we nd to do something to sav medicare. they have done zero. how come there iso committee appear. d'aga washington. who is in charge of social security reform? nobody. everybodywaits for a dadline and throws uptheir hands and says we don't have enough time. it is broken up here, but because they're notdoing their job. lou: not doing theirjob, and whose job s i
tax increase on midle class families, strengthening our economy, and adopting a balanced apoach to deficit reduction. and so it goes. my first guest says it does not matter who you tax or what form revee takeshim, taking more money at the private sector will hurt economic growth. joining us now, republican senator from the great state of kentucky from the senat rand paul. good to have you with us, senar. >> good evening. the president says we don't have enough time for tax reform or in...
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in 2010 the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well. just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment rate in the country. for stub's illinois a death spiral state because for every hundred private-sector workers in illinois there are 103 depending upon those private-sector workers. new york, aiming at the sixth worst death spiral state because for every 100 private-sector jobs in new york there are 107 who depend on the private sector for their -- well, their sustenance. a per capita debt of nearly $6,700. $6,700 just for the state of new york. the six highest in the country. we have people worrying about the fiscal cliff which is worth worrying about. some of these states have gotte
in 2010 the state budget deficit was more than 40% of its general fund. 40 percent. the second highest of any state. s&p and moody's both give illinois the second worst credit rating in all of the 50 states. illinois is funded 45% of pension liability, the lowest percentage of any state. unemployment in illinois, very impressive as well. just under 10%. they had things well in hand in illinois. is it mentioned that is a haunted the president obama? anyway, the tenth highest unemployment...